The pension share of the California state budget is likely to triple, according to a new study released Tuesday.

The report is by the Stanford Institute for Economic Policy
Research. It says the cost to the state of delaying pension
solutions is quickly adding up.

"Everyday that we don't solve this problem costs us $3.4
million."

Joe Nation is a Stanford Professor who wrote the report. He's
also a former Democratic California State Assemblyman. The study
covers California's three largest pension systems: CalPERS, CalSTRS
and the University of California Retirement Plan.

Nation says state lawmakers need to step up and approve serious
pension reforms.

"That will mean that we'll have to contribute more to these
pension systems right now. But that will save us money in the long
run."

CalPERS and CalSTRS say the Stanford report relies on outdated
data and methodologies that are out of sync with government
accounting rules.

In response to the Stanford report, California State Treasurer
Bill Lockyer has resigned from a pension advisory panel of the
Stanford Institute for Economic Policy Research.

A letter from Lockyer's office to the Institute questions both
the methodology and the conclusions of the report. The letter says
the Institute's acronym ought to stand for "Stanford Institute to
Eviscerate People's Retirement."

And it complains that neither Lockyer nor the public pension
systems under review were provided copies in time to respond before
the release.